Neco 2018 Financial Accounting Question 4
Practice objective / multiple choice question 4 from the 2018 Neco Financial Accounting examination.
The trial balance of a sole trader shows the following figures (all amounts in naira): Sales ₦500,000; Opening Stock ₦80,000; Purchases ₦300,000; Closing Stock ₦70,000; Operating Expenses ₦50,000; Depreciation expense ₦20,000. However, the depreciation expense was omitted from the trial balance. Determine the net profit for the year.
Answer Options
About This Question
This is Neco 2018 Financial Accounting Question 4. It is one of the objective questions from the 2018 Neco Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.